Lawmakers in the Senate voted Thursday to confirm two nominees to the Federal Reserve Board of Governors, giving the board a full complement of seven members for the first time since 2006.
The Senate voted 74 to 21 to confirm investment banker Jerome Powell and voted 70-24 to confirm Harvard economist Jeremy Stein.
While Senate Republicans blocked President Barack Obama's previous nominees, the latest nominations were seen as an effort at bipartisanship, as Stein is a Democrat and Powell is a Republican.
Chris Low, chief economist at FTN Financial, said, "The vote apparently hinged on the fact that one is a Democrat and the other a Republican, though party affiliation has very little to do with how Fed officials conduct monetary policy, or even how they approach bank reform."
"Both Powell and Stein gave testimony suggesting they are likely to align with Chairman Bernanke on policy," he added. "Both see slow employment growth and the high unemployment rate as a bigger problem than the threat of higher inflation."
A number of Republicans voted against the nominations amid concerns that the new board members will be a rubber stamp for Bernanke.
White House Press Secretary Jay Carney said the president was pleased that members of Congress from both parties were able to come together to confirm the nominees.
"Today's broad bipartisan vote in the Senate reflects their deep knowledge of economic and monetary policy, as well as their distinguished backgrounds and unique experience," Carney said in a statement.
He added, "At this important time for our economy we are grateful that Mr. Powell and Dr. Stein will serve the American people in these critical positions."
The Federal Reserve has kept interest rates at near-zero levels since 2008 and has engaged in two rounds of large-scale asset purchases in an effort to stimulate the economy.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.